I have to say I tried the Readability bookmarklet again after reading that Apple used its code in Safari’s Reader feature. Now it is my favorite way of reading articles.
Readability™ is a simple tool that makes reading on the Web more enjoyable by removing the clutter around what you’re reading. Follow the steps below to install Readability™ in your Web browser. [Readability]
I love the way the bookmarklet removes the unnecessary elements of the page and presents the article in a nice big font. I cant go back to reading articles with out this anymore. Give it a try.

Looks like this bookmarklet doesn’t work well with all the sites. I tried it on rediff and F1.com.
You have to be in an individual article for this to work. Go to http://business.rediff.com/slide-show/2010/jun/30/slide-show-1-fuel-price-hike-is-justified-says-deora.htm and then use the bookmarklet.